South Korea’s National Pension Service to tap into blockchain

The National South Korea Service Pension Service, the third public pension fund in the world with more than $ 800 billion in management assets, seeks to exploit blockchain technology for transactions.

A report In Seoul Economic Daily Local, indicates that the National Pension Service, whose assets amounted to more than 1,224 Billions of Koreans, or about 836 billion dollars, aims to explore the use of blockchain Through its fund transactions to strengthen transparency.

NPS, who previously declared that he did not have the immediate intention of buying cryptocurrencies but bet the Bitcoin actions (BTC) The purchase of the company’s strategy would be faithful to the underlying advantages of the Blockchain network. The fund manager has also invested in the actions of the Crypto Coinbase exchange giant.

In addition to transparency, the public pension fund is aimed at better security. According to Seoul Economic Daily, the NPS will operate the blockchain to manage deposits, withdrawals from customers and investments.

The NPS will start this initiative with initial disclosure and plans to request the comments of the best blockchain experts across industry. A feedback phase will support a research study designed to assess the feasibility of the project.

Once this phase is complete, the NPS officially reveal the project, with successful integration punctuating the functionality of blockchain technology in the head South Korea Public pension fund. According to the report, the advantages of the blockchain will be essential to spread the challenges linked to the falsification of the recordings it manages.

The quest for the NPS to draw on the blockchain is not entirely a business that he is considering for the first time. It has exploited the features to follow the retirement funds of customers abroad.

The move of the NPS comes in the middle of an increase in the number of people who invest in cryptocurrencies in the country.

Like crypto.News recently highlightedCryptographic investors in South Korea exceeded 16 million, reached 14 million in March 2024 and more than 15 million Donald TrumpVictory in the US elections in November.